Tech titans Google and Microsoft announced better then expected earnings on Tuesday as the frenzy over artificial intelligence stokes investor excitement and breathes a new life into the sector.
Put option premiums for Alphabet stock are high ahead of its earnings release due out on April 25. This is attracting short sellers to out-of-the-money put trades for profitable income plays.
In beating estimates, Google broke a string of four straight quarters in which it fell shy of analysts' expectations.
If Google ends up spending the entire amount on buybacks, it would represent a continuation of last year's pace.